A Gift to Your Loved Ones:
A truly great gift you can give to your loved ones is to have your personal and financial affairs in order and your wishes
for the future understood. To help in this process, St. Paul's is offering a series of one hour sessions, 7:00 to 8:00 pm, on
Monday evenings beginning September 19. These are strictly for the purpose of information and education on the selected topics. All are welcome.
( A useful definition sheet for terms relating to these presentations follows the listings.)
September 19th. - Long Term Care - Ray Paola
Raphael Paola, III, LTC, Vice President Director of Long Term Care Insurance Ray joined Brokers’ Service Marketing Group in June 2000 as Director of Long Term Care Insurance. As Director of Long Term Care, Ray works with brokers providing them with product expertise and support for both the executive and private LTC market. He is a member of the National and Rhode Island Association of Insurance and Financial Advisors and is NASD registered.
September 26th - Debt Management - Joan Gray Anderson, Ph.D. and Sheryle McMillan of Money Management International
Joan Gray Anderson, a faculty member in the Department of Human Development and Family Studies at the University of Rhode Island since1984, teaches in the Family Financial Counseling and Planning program, which is offered as part of the Human Development and Family Studies degree.
Sheryle McMillan is Regional Director of Education and Community Relations in the East Hartford, Connecticut office of Money Management International. MMI is a non-profit, full-service credit counseling organization dedicated to providing community education and in-person counseling.
Credit conversationsWhat is credit and how is it different from debt?
When is credit good? When is it bad?
How do lenders decide to give credit and how much?
What is a credit bureau?
What is a credit report and what does it tell creditors?
Your credit score – how is it determined? What is a good score? How can it be improved?
Who should decide how much credit a consumer should get—the lender or the borrower?
How is installment credit different from revolving credit
Laws for protecting consumers:
Credit Card Reform Act of 2009
How do you know when you’ve used too much credit?
Rules for analysis
Credit counseling
Debt settlement
October 3rd (Part A) - Annuities and 401Ks
October 3rd (Part B) - Reverse Mortgage - David F. Reilly
David is a Wickford attorney, practicing in RI for 37 years. He currently specializes in Elder Law, covering such topics as wills, trusts, estates, guardianships, nursing homes, Medicare and elder abuse. He is Counsel for the Alliance for Better Long Term Care.
October 10th (part A) - Five Wishes - Laurie J. DeRuosi RN, BSN, CPAN, CAPA
Laurie is a registered nurse working in the Post Anesthesia Care Units at Rhode Island Hospital and currently enrolled in the Family Nurse Practitioner Program at the University of Rhode Island hoping to specialize in Palliative Care and End of Life Management.
Five Wishes is changing the way people talk about and plan for care at the end of life. Currently over 14 million Americans are using Five Wishes to express how they want to be treated if they are unable to speak for themselves. It helps individuals maintain their dignity by addressing their personal, spiritual and medical concerns. The Five Wishes document is distributed by more than 23,000 businesses, hospital, hospices, religious groups, physicians, attorneys, and financial planners. It is a legal document in 42 states including the state of Rhode Island.
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Five Wishes addresses:
- The person you want to make care decisions for you when you cannot
- The kind of medical treatment you want or don’t want
- How comfortable you want to be
- How you want people to treat you
- What you want your loved ones to know
October 10th (Part B) - Funeral Planning - Dana Delbonis and Carol Nahod Board members of the Funeral Consumers Alliance of RI
The mission of the Funeral Consumers Alliance of Rhode Island is to protect the right to choose meaningful and affordable funerals. They educate consumers on available options, provide state-wide price information and give consumers tools and encouragement for pre-planning. The Alliance is a nonprofit organization staffed by volunteers.
October 17th - Estate Planning & Power of Attorney - David Abell
Estate planning is the process of making provisions for the administration of your matters in the event of disability and death. This presentation will focus on the financial and legal aspects. Wills, trusts, financial powers of attorney, beneficiary designations and the forms of property ownership will be discussed. Also included will be discussions of choosing the appropriate agents to be appointed under a power of attorney, the executor of your will and trustee of your trust, asset protection, minimizing federal and state estate and gift taxes and provisions for charitable giving.
Please consider attending any and all sessions of interest to you; they promise to be very helpful and userfriendly. Watch for details in the Sunday bulletins or check with the Church office if you have questions. When you have your affairs in order and your wishes known, you leave a gift of true love and caring to those dear to you and bless them with an important example to follow in their own lives.
Annuity: An annuity is a distribution of money earned on an investment on a set schedule such as quarterly, biannually, or annually. Typically, an annuity is used as part of a retirement plan, to ensure a fixed and stable income once the annuitant, or recipient, stops working, and an annuity may be designed to provide income for two.
401K: A 401K is a long-term savings plan which is designed to accumulate money towards retirement. It is sonamed after the section of the Internal Revenue laws which allow this particular kind of financial planning option typically only available through an employer; the money is generally taken out of the employee’s paycheck every week or month and deposited in the account.
Debt Management: A definition of debt management could be the routine practice of spending less than one earns. However, for all intents and purposes, debt management is a structured repayment plan set up by a designated third party, either as a result of a court order or as a result of personal initiation.
Reverse Mortgage: A reverse mortgage is a term used to describe accessing the equity in your home for cash. It is a finance tool available to seniors in the US, Canada and Europe. This type of mortgages qualification rules are based on the age of the homeowner and assume full ownership of the property.
Long-Term Care: Long-term care insurance covers both medical and custodial services. These services can range from at home care, including assisting someone with daily personal and household chores; to day care services at a facility; to assisted living residences; to nursing home care. The degree of care is based upon the current requirements and condition of the person who is in need of long-term care.
Five Wishes: Five Wishes is a legal form published by an American nonprofit organization to help people prepare an advance medical directive to address what should happen if they become ill and are no longer able to make decisions for themselves. The Aging With Dignity organization introduced the first version in 1996 and has made several changes to the form to make it usable in as many states as possible as a binding legal document.
Funeral Planning: One of the best tips for funeral planning includes preparing a checklist before adding the decided on arrangements to your will. If you're religious, speaking with a leader in your faith who understands the customs and beliefs in regards to funeral planning can be a good idea. Most neighborhood funeral homes offer free service planning worksheets.
Estate Planning: Estate planning includes, among other things, writing out one's Last Will and Testament, naming a Power of Attorney and installing trusts. Estate planning isn't only for the wealthy, either. Anyone with assets would be wise to look into it. If you have a home, a car, a retirement fund, stocks, bonds, or any other investments, it would be in the best interests of your family for you to meet with an estate planning professional.
Power of Attorney: A power of attorney or POA is a legal document that authorizes someone to act on behalf of someone else. The person granting the power of attorney is known as the principal, granter, or donor, while the person authorized to act is called an agent, attorney-in-fact, or attorney, in some regions of the world. There are many different types of power of attorney, and these documents can be immensely useful and flexible. However, they can also be dangerous, especially for people who do not realize that they are agreeing to when they sign a power of attorney.